STEVENSON, Md., April 28, 2015 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Northern District of California on behalf of purchasers of Cellular Biomedicine Group Inc. (“CBMG” or the “Company”) (Nasdaq:CBMG) securities during the period between June 18, 2014 and April 7, 2015, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until June 22, 2015 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in CBMG securities purchased on or after June 18, 2014 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company securities during the Class Period. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 and Section 17(b) of the Securities Act of 1933 by virtue of the defendants’ failure to disclose during the Class Period that the Company had used paid stock promoters and that the Company’s “Car-T” technology had experienced patient deaths and lacked any meaningful value.
According to the complaint, following an April 7, 2015 Seekingalpha.com report revealing the undisclosed stock promotion, insider sales, that Company founders faced dishonesty allegations and partnered with an individual serving 11 years in prison for fraud, and that 50% of the Company’s quarterly SEC filings raised accounting and financial integrity questions, the value of CBMG shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.